Deathwatch: Premier Foods lose £230m
The company, which owns Mr Kipling and Hovis and now wondering why they didn't notice the huge number of other things that are regarded to be the best thing since sliced bread.
The details of its financing deal were revealed alongside the company’s annual results, which showed the company nosediving into the red with a £230m loss.
Trading profit fell from £245.7m to £173.7m, with pre tax profit going from £28.5m in 2010 to a £230m loss thanks to a£282m impairment charge in addition to sales falling from £2.3bn to £1.9bn “reflecting the challenging consumer environment” as new chief Executive Michael Clarke said the company "intends to draw a line under the performance of 2011,".
In Premier Food’s statement Mr Clarke said: "Having put the financing and strategic building blocks in place, our immediate priorities are to implement this re-financing package, continue stabilising the business, re-focus the portfolio and invest in our future growth." Well, he WOULD say that, wouldn't he?
However, shares fell more than 4pc in early trading to 11.65p. Warburtons are said to be thrilled at the news. Or something